Thursday, January 19, 2006

Massachusetts: Boomers Poised To Redefine Retirement

Massachusetts Institute for a New Commonwealth, known as MassInc, has issued a report "A Generation in Transition: A Survey of Bay State Baby Boomers" in partnership with Princeton Survey Research Associates Intl. finding that, above all, boomers appear poised to redefine retirement. From a survey of over 1,000 boomers, MassInc reports that boomers expect to reverse the trend toward earlier withdrawal from the labor force by delaying their retirement and continuing to work at least parttime even after they retire. Boomers’ views about their retirement years are shaped by their finances today, which are not as strong as is often believed--excluding the equity in their homes, 30% have saved less than $50,000 for retirement, including 13% who have no retirement savings at all. Among those boomers who are planning to work after they retire, at least 39% expect to work out of financial necessity, not by choice.

In addition to the report, a roundtable discussion of it is available from WGBH.

Source: Press Release MassInc (November 2005)

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